Historic St. Regis Hotel Sells For $301M, Report Says

MIDTOWN MANHATTAN, NY — The St. Regis New York, a landmarked luxury hotel that has stood on Fifth Avenue for more than 100 years, is changing hands in a nine-figure land deal, according to reports.

Mariott International is selling the Midtown hotel — which has its main entrance on East 55th Street between Fifth and Madison avenues — to Qatar's state-owned investment firm for $301 million, Bloomberg first reported. The move marks the latest New York City acquisition for the Qatari wealth fund, which has also invested in Manhattan retail properties, according to the report.

The St. Regis was New York City's tallest hotel when it opened in the early 1900s. John Jacob Astor IV, who also owned a large stake in the Waldorf Astoria, funded the construction of the 18-story hotel. Today the hotel has 200 rooms which charge rates starting at about $800 per night and escalating into the thousands for suites. The hotel is also home to the King Cole Bar, where the Bloody Mary is rumored to have been invented.

Marriott acquired the property in 2016 after acquiring Starwood Hotels & Resorts in a $13.6 billion deal, Bloomberg reported. The company will continue to operate the hotel after the sale, according to the report.

Read the full Bloomberg article here.